Stock Market News And Best Stock Market Analysis

Stock Market News and Analysis:

Benchmark Indices witnessed a continued selling pressure throughout the day as across the board selling weighed in. Nifty settled at 11201.75, down by -431.55 points and for coming session its key support is at 11100 while on higher side its resistance is at 11325.

Headlines for the day:

• ONGC, HPCL to acquire 17.3% stake in Petronet MHB Ltd.

• RITES’ Offer for sale in the non-retail portion was subscribed 1.32 times

• Bank of Baroda sold its entire 4.9% stake in Petronet MHB Ltd. for Rs52.56 crore.

Key stocks:

• Dr. Reddy’s Laboratories has been issued a Form 483 with two observations at Bachupally, Hyderabad from the US Food & Drug Administration. Company informed that the audit of our Formulations Manufacturing Plant - 3 at Bachupally, Hyderabad by the US Food & Drug Administration, has been completed today. e have been issued a Form 483 with 2 observations.

• Motherson Sumi informed that the board have declared an interim dividend of Rs1.50 per equity share with a face value of Re1 each for the FY2019-20 on the equity shares of the Company. Further, the board of directors have fixed March 14, 2020, as Record Date for this purpose.

• NTPC announced that 250 MW unit of Barauni Thermal Power Station Stage-II (2 x 250 MW) is declared on commercial operation w.e.f 00:00 Hrs of 01 March 2020). After this the commercial capacity NTPC and NTPC group will become 48,895 MW and 57,356 MW respectively.

• Suzlon Energy's board informed that it has approved a debt restructuring plan that will entail issues of shares other instruments and divestment of assets.

• PNC Infratech Limited has received a Letter of Award from National Highways Authority of India for HAM project in the State of Uttar Pradesh for a bid project cost of Rs1,602 crore.

• KIOCL Ltd has get green clearance for setting up a coke oven plant in Mangalore. The clearance is subject to specific conditions stated in an approval letter and sector-specific general conditions.

• Future Supply Chain Solutionshas recently been certified with the ISO 22000 certification, an internationally recognized standard for its Mehsana Cold Storage warehouse in Ahmedabad.

Calls for Tomorrow:

• CALL: SELL LUPIN EQ BELOW 635.20 TARGETS 628.85/622.50/616.10 SL 641.55

Description: Stock settled near its immediate support with bearishly bias on intraday chart. Hence breakout is expected ahead.

• CALL: BUY PIDILITIND EQ ABOVE 1528 TARGETS 1543.30/1558.60/1573.85 SL 1512.70

Description: Stock witnessing correction on intraday chart from lower levels. Hence rally is expected above the mentioned level.